Mortgage Rate lock Policy - Mortgages First Associates, LLC

Rate Lock Policy

The interest rate market is dynamic, and subject to movements without advance notice. Locking a rate protects you from the time that your lock is confirmed to the day that your lock period expires. Please note that Mortgages First is not responsible for any rates that may change prior to our written confirmation.
Lock-In defined
A lock is an agreement by the borrower and by the lender and specifies a number of days for which a loan's interest rate and points will be guaranteed by the lender. Should interest rates rise and you have met all of your conditions, Mortgages First is obligated to honor the rate that we have advertised and locked on your behalf. Should interest rates decrease, the lock must still be honored by the borrower.
When can I lock?
You will be invited to lock a rate once your application information has been received and your $99.00 application fee has been paid. In some cases, your application will provide all the information needed and you will have the option to lock at the time you apply online. Otherwise you will be invited to lock after you have returned your package and Mortgages First has reviewed your documentation and credit information. You will be notified during the online application or via email when you are able to request the lock.
Please note that the hours that Mortgages First is able to execute your lock are between 9:30 am and 4:30 pm Eastern Standard Time Monday through Friday. This time period is established by the lenders that we are working with. If you request pricing during hours other than those shown above, Mortgages First will do its best to secure a comparable rate for you.
Mortgages First recognizes that you may not be available to request a lock during this time period; if so, please contact your Loan Consultant for assistance. We are working with all of our lending partners to extend the lock in period, and appreciate your understanding.
Are there any fees to lock?
Mortgages First does not charge a fee for locking in your loan for 30 days. If you currently have a loan in process and you have received notification from Mortgages First to lock, we will secure your rate with no upfront fees on 30 day locks.
Lock Period
Mortgages First currently quotes 30 day lock-in periods on our site. This means that your loan must fund within this number of days from the day that your lock is accepted by our lending partner. 45 day, 60 day lock-in periods as well as extended lock-in periods are available from all of our lending partners..
Lock Confirmation
Until Mortgages First confirms that your rate lock has been accepted by our lender, your loan is not locked in. When you request a lock, Mortgages First contacts its lending partner and secures the lock on your behalf. Unfortunately, the lock process is not yet automated within the mortgage industry therefore Mortgages First must follow the lock guidelines of it's lending partners. For this reason, Mortgages First is not yet able to verify your lock request immediately but will do so within 48 hours of your lock request submission.
Lock Changes
Mortgages First does not renegotiate locks with lenders. Lender's policies mandate delivery of all locked loans. While we would like to renegotiate locks on your behalf, Mortgages First is not able to do so. For this reason carefully consider the timing of your lock. If you are not certain as to your willingness to close on a rate, we suggest that you watch the market for several days prior to requesting your lock.